PMHNP entering student loan repayment! What to do?

[bpu-psych]

Hello,

I am days away from complete a PMHNP program and a couple of months from having my degree and pmhnp cert posted/granted. I've already passed the ANCC boards.

To celebrate this milestone, I've decided to check my email only to find that my grace period is ending within the next month leaving my student loans to fall back into repayment!! AHHH!

I have a prior academic life, so that in combination with RN/NP school has shifted my loan amount to anxiety-provoking levels.

Of course, I knew this day would come. I don't regret the RN/NP track. It provides me with a promising/loan-paying career that I find joy in doing.

My questions to the RNs or RN/NPs in the room is: What is the norm in receiving student loan payback as part of negotiating a new job? Do new jobs offer such a perk to new NPs? If so, how much is provided?

I am aware of NHSC loan repayment programs whereby the RN/NP works in an underserved area for ~2yrs. Does anyone have experience with this? If so, thoughts on pursing this? For now the NHSC loan repayment is problematic as I reside in the southern California area and not much (nothing actually) is available, and I'm stuck here until the sig other finishes cross-training in her OR program (approx 1.5-2 years).

Any advice is appreciated!

Thank you

[Aniva]

For the NHSC, there's only one application cycle per year, so you must accept a position, start, and submit the necessary paper work for loan repayment program. I think after your application is accepted, you are given an offer of a certain amount based on your facility score, and then you can choose to accept or reject it. If you accept, you're locked in for the time commitment. If you break the agreement, there is heavy financial penalty. Check out the website for further details and deadlines :)

[SCSTxRN]

You can also apply for a 6 month deferment if you're not yet employed, or the income based repayment program if you're employed but poor.

[megank5183]

income based repayment caps your loan repayment at 15% of your current income if your loans are consolidated. In December of 2015, you should be eligible for pay as you earn, which would cap repayment at 10%. If you work at a non-profit for 10 years remainder of your loan would be forgiven as long as you make payments for ten years. Again, these rules all apply to federal consolidated loans.

[megank5183]

For the NHSC, there's only one application cycle per year, so you must accept a position, start, and submit the necessary paper work for loan repayment program. I think after your application is accepted, you are given an offer of a certain amount based on your facility score, and then you can choose to accept or reject it. If you accept, you're locked in for the time commitment. If you break the agreement, there is heavy financial penalty. Check out the website for further details and deadlines :)

If you take a position at a NHSC site, are you guaranteed to get the loan repayment provided that you work there and apply?

[zmansc, ASN, RN]

If you take a position at a NHSC site, are you guaranteed to get the loan repayment provided that you work there and apply?

Nope. Their site explains the process fairly well.